Bernama, Malaysia

Asia-Pacific Business Chambers Want TPP Negotiations Top On APEC Agenda

26 October 2009

SINGAPORE (Bernama) — Four Singapore-based Asia-Pacific business chambers today urged their governments to place the Trans-Pacific Strategic Economic Partnership Agreement (TPP) negotiations at the top of their trade policy agendas in the Asian-Pacific Economic Cooperation (APEC) meeting here early next month.

The Singapore chapters of the American Chamber of Commerce, Australian Chamber of Commerce, New Zealand Chamber of Commerce, and the Singapore Business Federation today said the trade negotiations at the 2009 APEC Summit had the potential to pave the way to a strong and comprehensive TPP.

The TPP is designed to be built on the foundation of the existing P-4 trade agreement among Brunei, Chile, Singapore and New Zealand.

In a statement, the chambers said adding Australia, Peru, and Vietnam as well as the United States to this initial group of four countries could result in a trade agreement among like-minded economies benefiting all signatories.

The four chambers collectively represent over 1,200 foreign companies operating in Singapore and more than 15,000 local companies.

The TPP springs from a new generation of free trade agreements that tackles both traditional elements, such as tariffs, and more functional elements, like behind-the-border barriers issues that tend to be stumbling blocks to global trade.

According to the chambers, a strong TPP has the potential to improve access to key markets and to influence the pace and terms of regional integration as it is seen as an ideal conduit for advancing free trade for the benefit of businesses, workers and consumers.

The chambers said they planned to send the TPP position paper to their respective governments to encourage them to place the TPP negotiations at the top of their trade policy agendas.

The four chambers together represent billions of investment in Singapore and the region.

"Living in Singapore, we see first-hand that Asian economies are emerging from the global economic downturn at a fast rate. A firm and increasing commitment by the US to the region via TPP negotiations will keep US companies connected to the world’s fastest-growing region," said Steven R. Okun, chairman of AmCham Singapore.